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What will my investments help me achieve?

Define Your Destination

Today’s markets are different. With increasingly complex and globalized markets and the relentless advance of technology, investing for your goals is no longer a straight-forward path.

Destination: Income

With years of record low interest rates and low income from traditional sources, the path to income generation is becoming more difficult to navigate. Many investors are wondering how they can generate the income they need without taking on undue risk.

Yields are lower post global financial crisis

Since the global financial crisis, investments of many type offer drastically lower income potential, even those traditionally considered “safe.” read moreAs a result, investors may be more challenged to generate income to meet their goals. The contrast between yields in 2007 versus 2017, across a number of yield-oriented investment categories, illustrates this concept.

Overweight?

The Treasury component of the Bloomberg Barclays US Aggregate Index has increased quite drastically over the last 10 years. read moreSince many passive, intermediate fixed income strategies track the allocation of the Bloomberg Barclays US Aggregate Index, their portfolios would also reflect a heavy weighting toward Treasurys. These strategies can be very sensitive to interest rate risk and also have lower income potential from the higher allocation to Treasurys. A skilled active manager has the flexibility to diversify across sectors to decrease duration risk and increase yield.

No time like the present

An interesting historical pattern suggests seasonal technical factors can present a buying opportunity in the municipal market. read morePositive returns can be seen in months that have demonstrated technical strength driven by low supply and high demand of municipal bonds. The dips, on average, can represent a good buying opportunity for investors. Investors can look at the long-term, income-generating portion of their asset allocations and potentially use these dips to take advantage of cheaper prices and higher yields. This is especially important given that income is the most important component of total return in municipal bonds over the long term.

Fixed income: Active matters

Fixed income markets kicked off 2018 with a volatile January; however, the average active intermediate-term bond manager outperformed his or her passive counterparts by 35 basis points during a January. read moreAnd the leading decile active intermediate bond manager outperformed by nearly 68 basis points. (One basis point equals one-hundredth of a percentage point.)

In today's fixed income world with low interest rates, tight valuations, and arguably lower expectations for future performance, the ability to protect capital and deliver income has never been more important for clients to achieve their goals. Active fixed income strategies at their core are designed to deliver on these outcomes by managing risk through different market environments.

Destination: Growth

When markets are moving up, it may feel like growing your portfolio is easy, but the realities of today’s markets are more complex. Political uncertainty, regulatory change, new technology and even Mother Nature can introduce volatility to the markets and make the path to growth a risky one.

A dollar today won't be a dollar tomorrow

A focus on growth can help you amplify hard earned savings, help fund your future goals — like retirement — and even help you stay ahead of inflation, which can erode your purchasing power over time, no matter what investment vehicle you choose to use.

Breaking away from commodities

Historically, a strong correlation has existed between emerging markets and commodities returns. A decoupling has occurred in recent years, read morewith a gap that continues to widen. While commodity correlation still exists in emerging markets, especially in energy-rich countries such as Brazil and Russia, the divergence between the two major indices shows that there are other meaningful drivers of performance in these countries. Investors may be able to take advantage of new opportunities that arise from the structural shifts in these developing markets.

Time to travel abroad

Returns of US versus non-US developed stocks have historically swapped roles as performance leaders. Currently, we are experiencing the longest upcycle for US equity returns versus their non-US counterparts over the past 34 years.read moreGiven the recent run-up in the US market, coupled with the historical relationship between the two markets, it may be time for international markets to take the lead again. Shifting to international equity stock exposures may provide run-up portfolio diversification and potentially allow you to capitalize on changes in global equity markets.

Average cycle duration: 68 months

Small-caps. Big opportunities.

The US small-cap market tends to be less efficient than other equities — which in turn can give active managers numerous opportunities to capitalize on. read moreThe small-cap universe is less concentrated at the top compared with other types of equities and has a substantially larger number of stocks available to trade within the index. Add to that, fewer analysts cover small-caps and generate research, and the small-cap market is less homogenous than other equity segments, making it potentially opportunistic ground for active managers.

Why investors shouldn’t fear equities

Know your ETF

Investing is active

Breaking away from commodities

Making the case for non-US small-cap equities

An emerging opportunity: Since the start of the 2000s, emerging markets have outperformed developed counterparts, while our active fund constantly surpassed its benchmark.

Source: Morningstar, as of Feb. 28, 2018. Past performance does not guarantee future results. Chart is for illustrative purposes only. Institutional shares may not be available to all investors. Click here to view class A shares.

Destination: Protection

The recession of 2008-2009 upended many of the presumptions investors had about the markets and the path to investing success. Safe investments turned out not to be and traditional asset allocations didn’t offer enough protection on the downside to protect against all market risks. The experience of all investors has put emphasis on managing risk for investors large and small.

Gains required to fully recover from loss

Smoothing out investment returns by reducing portfolio volatility provides a means to stronger investment returns in the long run. read moreMarket shifts can lead to drops in investments that take time to recover from. For example, a 10% drop in portfolio value requires an 11% gain to get back on track; a 50% drop requires 100% return to get back to its original value, so taking steps to mitigate risks at the outset can help you stay on track to protect your principal over the long term.

Overweight?

The Treasury component of the Bloomberg Barclays US Aggregate Index has increased quite drastically over the last 10 years. read moreSince many passive, intermediate fixed income strategies track the allocation of the Bloomberg Barclays US Aggregate Index, their portfolios would also reflect a heavy weighting toward Treasurys. These strategies can be very sensitive to interest rate risk and also have lower income potential from the higher allocation to Treasurys. A skilled active manager has the flexibility to diversify across sectors to decrease duration risk and increase yield.

No time like the present

An interesting historical pattern suggests seasonal technical factors can present a buying opportunity in the municipal market. read morePositive returns can be seen in months that have demonstrated technical strength driven by low supply and high demand of municipal bonds. The dips, on average, can represent a good buying opportunity for investors. Investors can look at the long-term, income-generating portion of their asset allocations and potentially use these dips to take advantage of cheaper prices and higher yields. This is especially important given that income is the most important component of total return in municipal bonds over the long term.

Fixed income: Active matters

Fixed income markets kicked off 2018 with a volatile January; however, the average active intermediate-term bond manager outperformed his or her passive counterparts by 35 basis points during a January. read moreAnd the leading decile active intermediate bond manager outperformed by nearly 68 basis points. (One basis point equals one-hundredth of a percentage point.)

In today's fixed income world with low interest rates, tight valuations, and arguably lower expectations for future performance, the ability to protect capital and deliver income has never been more important for clients to achieve their goals. Active fixed income strategies at their core are designed to deliver on these outcomes by managing risk through different market environments.

Source: Morningstar as of 12/31/2017. Past performance does not guarantee future results. Chart is for illustrative purposes only. Institutional shares may not be available to all investors. Click here to view class A shares.

A flexible short-term bond fund designed to weather market cycles

An actively managed bond portfolio emphasizing risk control and liquidity

An experienced management team with a long history managing short-term portfolios

Disclosure

US Treasurys: The Bloomberg Barclays US Treasury Index measures the performance of US Treasury bonds and notes that have at least one year to maturity. Municipal Bonds: The Bloomberg Barclays Municipal Bond Index measures the total return performance of the long-term, investment grade tax-exempt bond market. Investment grade corporate bonds: The Bloomberg Barclays US Corporate Investment Grade Index is composed of US dollar–denominated, investment grade, SEC-registered corporate bonds issued by industrial, utility, and financial companies. All bonds in the index have at least one year to maturity. High yield bonds: The Bloomberg Barclays US Corporate High-Yield Index is composed of US dollar–denominated, noninvestment grade corporate bonds for which the middle rating among Moody’s Investors Service, Inc., Fitch, Inc., and Standard & Poor’s is Ba1/BB+/BB+ or below. Emerging markets debt: The Bloomberg Barclays Emerging Markets USD Aggregate Index is a flagship hard currency emerging markets debt benchmark that includes fixed-rate and floating-rate US dollar-denominated debt from sovereign, quasi-sovereign, and corporate emerging market issuers. US REITS: The FTSE NAREIT Equity REITs Index measures the performance of all publicly traded equity real estate investment trusts (REITs) traded on US exchanges, excluding timber and infrastructure REITs. Bank loans: The S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index is a broad index designed to reflect the market-value-weighted performance of US dollar-denominated institutional leveraged loans. Indices are unmanaged and one cannot invest directly in an index.

Disclosure

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. They may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held may be prepaid prior to maturity, potentially forcing the fixed income securities or bond funds to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the fixed income securities and bond funds to obtain precise valuations of the high yield securities in its portfolio. Duration is a measurement of the sensitivity of a bond’s price to a 1% change in interest rates, given the bond’s coupon rate and maturity.

Duration is a measurement of the sensitivity of a bond’s price to a 1% change in interest rates, given the bond’s coupon rate and maturity.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Disclosure

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. They may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held may be prepaid prior to maturity, potentially forcing the fixed income securities or bond funds to reinvest that money at a lower interest rate.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state and local taxes and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Disclosure

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. They may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held may be prepaid prior to maturity, potentially forcing the fixed income securities or bond funds to reinvest that money at a lower interest rate. High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the fixed income securities and bond funds to obtain precise valuations of the high yield securities in its portfolio.

Average active Intermediate term bond manager refers to the Morningstar Intermediate-Term Bond Category and compares funds that invest primarily in corporate and other investment grade US fixed income issues and typically have durations of 3.5 to 6.0 years. These funds are less sensitive to interest rates, and therefore less volatile, than funds that have longer durations.

All third-party marks cited are the property of their respective owners.

Past performance does not guarantee future results.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the Morningstar Core Bond Index.

The average passive intermediate term is the average passive fund in the Morningstar intermediate term bond category. The leading decile active intermediate term is the top decile actively managed fund in the Morningstar intermediate bond category. The max active intermediate term is the best performing active fund within the Morningstar intermediate bond category.

Disclosure

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.The Morningstar Intermediate-Term Bond Category compares funds that invest primarily in corporate and other investment grade US fixed income issues and typically have durations of 3.5 to 6.0 years. These funds are less sensitive to interest rates, and therefore less volatile, than funds that have longer durations.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data for all share classes current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all periods shown. Performance would have been lower without such waivers or reimbursements.

Disclosure

Disclosure

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

Index performance returns do not reflect any management fees, transaction costs, or expenses.
Indices are unmanaged and one cannot invest directly in an index.

The Thomson Reuters/CoreCommodity CRB Index is a widely recognized measure of global commodities markets. It is made up of 19 components considered to be significant commodities, including silver, sugar, wheat, aluminum, and soy beans.

Disclosure

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

Diversification may not protect against market risk.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance of developed markets, excluding the United States and Canada.

The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

Investments in small and/or medium-sized companies typically exhibit greater risk and higher volatility than larger, more established companies.

International investments entail risks not ordinarily associated with US investments including fluctuation in currency values, differences in accounting principles, or economic or political instability in other nations.
Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility and lower trading volume.

The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe.

The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe.

The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance of developed markets, excluding the United States and Canada.

Disclosure

The S&P 500® Index measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the US stock market.

The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure equity market performance of developed markets, excluding the United States and Canada.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data for all share classes current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all periods shown. Performance would have been lower without such waivers or reimbursements.

Disclosure

Disclosure

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. They may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held may be prepaid prior to maturity, potentially forcing the fixed income securities or bond funds to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the fixed income securities and bond funds to obtain precise valuations of the high yield securities in its portfolio. Duration is a measurement of the sensitivity of a bond’s price to a 1% change in interest rates, given the bond’s coupon rate and maturity.

Duration is a measurement of the sensitivity of a bond’s price to a 1% change in interest rates, given the bond’s coupon rate and maturity.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Disclosure

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. They may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held may be prepaid prior to maturity, potentially forcing the fixed income securities or bond funds to reinvest that money at a lower interest rate.

Substantially all dividend income derived from tax-free funds is exempt from federal income tax. Some income may be subject to state and local taxes and/or the federal alternative minimum tax (AMT) that applies to certain investors. Capital gains, if any, are taxable.

Disclosure

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. They may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held may be prepaid prior to maturity, potentially forcing the fixed income securities or bond funds to reinvest that money at a lower interest rate. High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult for the fixed income securities and bond funds to obtain precise valuations of the high yield securities in its portfolio.

Average active Intermediate term bond manager refers to the Morningstar Intermediate-Term Bond Category and compares funds that invest primarily in corporate and other investment grade US fixed income issues and typically have durations of 3.5 to 6.0 years. These funds are less sensitive to interest rates, and therefore less volatile, than funds that have longer durations.

All third-party marks cited are the property of their respective owners.

Past performance does not guarantee future results.

Index performance returns do not reflect any management fees, transaction costs or expenses. Indices are unmanaged and one cannot invest directly in an index.

The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market.

Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the Morningstar Core Bond Index.

The average passive intermediate term is the average passive fund in the Morningstar intermediate term bond category. The leading decile active intermediate term is the top decile actively managed fund in the Morningstar intermediate bond category. The max active intermediate term is the best performing active fund within the Morningstar intermediate bond category.

Disclosure

US Aggregate: The Bloomberg Barclays US Aggregate Index is a broad composite that tracks the investment grade domestic bond market. Government/Credit: The Bloomberg Barclays US Government/Credit Index is composed of investment grade corporate and US government debt securities with at least one year to maturity. Long Government/Credit: The Bloomberg Barclays Long US Government/Credit Index is composed of publicly issued investment grade corporate and US government debt securities with maturities of 10 years or more.

Index performance returns do not reflect any management fees, transaction costs, or expenses. Indices are unmanaged and one cannot invest directly in an index.

Carefully consider the Funds' investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds' prospectuses and their summary prospectuses, which may be obtained by visiting delawarefunds.com/literature or calling 800 523-1918. Investors should read the prospectus and the summary prospectus carefully before investing.

Investing involves risk, including the possible loss of principal.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Performance data for all share classes current to the most recent month end may be obtained by calling 800 523-1918 or visiting delawarefunds.com/performance.

Total returns may reflect waivers and/or expense reimbursements by the manager and/or distributor for some or all periods shown. Performance would have been lower without such waivers or reimbursements.

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Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are distributed by Delaware Distributors, L.P., an affiliate of Macquarie Investment Management Business Trust (MIMBT), Macquarie Management Holdings, Inc., and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.

The Funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of Macquarie Investment Management Business Trust and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.